Prosafe SE

Regulatory Filings • Jan 25, 2010

Höegh LNG and Prosafe Production team up for the LNG FPSO segment

Höegh LNG and Prosafe Production have today executed an MOU for the long term

cooperation within the LNG FPSO segment. The cooperation will use as its basis

the FEED work already developed by Höegh LNG , and for each specific project

Höegh LNG will be responsible for design, project execution, completion,

operation and funding, whilst Prosafe Production will, in cooperation with HLNG,

be responsible for the operation and maintenance of the LNG FPSO's, and

assisting Höegh LNG during project execution and completion.

Says Sveinung J. Støhle, President & CEO of Höegh LNG: "This is a very important

milestone for the successful development of our first LNG FPSO project, the

combined forces of Höegh LNG's cryogenic and maritime LNG experience, coupled

with Prosafe Production's significant experience from the development, operation

and maintenance of its fleet of oil FPSO's  being one of the top 3 companies in

the market, will give our LNG FPSO project an added value which we believe will

greatly benefit our project and ultimately our customers."

Says Bjørn E. Henriksen, President & CEO of Prosafe Production: "We acknowledge

Höegh LNG's unique position with respect to becoming a leading LNG FPSO

provider, based on their mature technical solution, strong commitment and

outstanding qualifications. Prosafe Production is very pleased to join forces

with Höegh LNG within the FLNG segment, and considers the agreement to be of

significant strategic value in positioning the company in a very interesting

emerging market."

About Prosafe Production

Prosafe Production is a leading owner and operator of Floating Production,

Storage and Offloading vessels (FPSOs). Prosafe Production has 25 years of

operational experience from several of the world's largest oil and gas

provinces. The company has a good operational uptime track record and possesses

a range of proprietary FPSO-related technologies. Prosafe Production operates

globally and employs approximately 1,000 employees from more than 40 countries.

Headquartered in Limassol, Cyprus, Prosafe Production is listed on the Oslo

Stock Exchange with ticker code PROD. Please refer to www.prosafeproduction.com

for more details.

About Höegh LNG

Höegh LNG is a fully integrated ship-owning company offering long-term floating

production, transportation, re-gasification and terminal solutions for Liquefied

Natural Gas (LNG). The company operates a fleet of five LNG carriers including

one innovative Shuttle and Re-gasification Vessel (SRV) and has one SRV on order

for delivery this year. In addition to transporting the LNG, these vessels will

act as floating terminals while delivering the natural gas to the market. Höegh

LNG's strategy is to add value to its customers by broadening its service scope

to include solutions for floating production, re-gasification terminals and

delivery of natural gas. The company is developing two deepwater terminals based

on SRV technology in Florida and the UK. In addition to the head office

centrally located in Oslo, Höegh LNG has established presence in London (UK) and

Tampa, Florida.

Contacts:

Höegh LNG:

Sveinung Støhle, President and CEO, Höegh LNG, +47 4003 9969

Geirmund Aasbø, Vice President, Project Execution & Media Relations, Höegh LNG,

+47 4003 9685

Prosafe Production:

Bjørn E. Henriksen, President and CEO, Prosafe Production, +31 610532543

Sven Børre Larsen, EVP & CFO, Prosafe Production, +65 9657 2590

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1376599]